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Home My WebLink About2017-11-20-J18 TIF Certification_Waukee 2000► 1�� WCaukee ' f ■f r THE KEY TO GOOD LIVING AGENDA ITEM; CITY OF WAUKEE, IOWA CITY COUNCIL MEETING COMMUNICATION MEETING DATE: November 20, 2017 AGENDA ITEM: Consideration of approval of obligating funds from the Urban Renewal Tax Revenue Fund for appropriation to the payment of annual appropriation tax increment financed obligations which shall come due in the next succeeding fiscal year [Waukee 2000] FORMAT: Resolution SYNOPSIS INCLUDING PRO & CON: City staff has been working with Matt Stoffel from Public Financial Management (PFM) on projecting the annual tax increment revenues for FY2019. Based upon the preliminary information we have received from the Dallas County Auditor's Office, City staff recommend certifying $3,093,059 in the Waukee 2000 urban renewal district. All of the residential tax increment generated within this district will be released. FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: COMMISSIONBOARD/COMMITTEE COMMENT: STAFF REVIEW AND COMMENT: An outline of the expenditures is provided in the Memo dated 11/20/2017 and Exhibit A, included with the Hickman West District cover sheet. RECOMMENDATION: Approve the resolution. ATTACHMENTS: I. Proposed Resolution II. City TIF Forms PREPARED BY: Linda Burkhart P REVIEWED BY: PUBLIC NOTICE INFORMATION — NAME OF PUBLICATION: DATE OF PUBLICATION: THE CITY OF WAUKEE, IOWA RESOLUTION OBLIGATING FUNDS FROM THE URBAN RENEWAL TAX REVENUE FUND FOR APPROPRIATION TO THE PAYMENT OF ANNUAL APPROPRIATION TAX INCREMENT FINANCED OBLIGATIONS WHICH SHALL COME DUE IN THE NEXT SUCCEEDING FISCAL YEAR WHEREAS, the City of Waukee, Iowa (the "City"), pursuant to and in strict compliance with all laws applicable to the City, and in particular the provisions of Chapter 403 of the Code of Iowa, has adopted an Urban Renewal Plan for the Waukee 2000 Urban Renewal Area (the "Urban Renewal Area"); and WHEREAS, this Council has adopted an ordinance providing for the division of taxes levied on taxable property in the Urban Renewal Area pursuant to Section 403.19 of the Code of Iowa and establishing the fund referred to in Subsection 2 of Section 403.19 of the Code of Iowa (the "Urban Renewal Tax Revenue Fund"), which fund and the portion of taxes referred to in that subsection may be irrevocably pledged by the City for the payment of the principal and interest on indebtedness incurred under the authority of Section 403.9 of the Code of Iowa to finance or refinance in whole or in part projects in the Urban Renewal Area; and WHEREAS, the City has scheduled payments in an amount up to $ 3,093,059.00 (the "Annual Payment") which shall come due in the fiscal year beginning July 1, 2018 with respect to the City's 2010C Bonds, 2012B/D Bonds, 2013B/C/D Bonds, 2014A Bond, Fiscal Fees for Debt Service, Crossing at Alice's Development Agreement, Waukee Hardware and Kenny's Garage Facade Improvement Grants & and Administrative and Legal Fees; and WHEREAS, it is now necessary for the City Council to obligate for appropriation to the Annual Payment, funds anticipated to be received in the Urban Renewal Tax Revenue Fund in the fiscal year beginning July 1, 2018; and WHEREAS, the City Council desires to release 100% of the increment generated from the Actual residential valuation in the Urban Renewal District for tax collections payable in the 2018/2019 fiscal year. NOW, THEREFORE, It is resolved by the City Council of the City of Waukee, Iowa, as follows: Section 1. The City Council hereby certifies up to $ 3,093,059.00 for appropriation from the Urban Renewal Tax Revenue Fund to the Annual Payment in the fiscal year beginning July 1, 2018. Section 2. The Finance Director is hereby directed to certify the amount obligated for appropriation in Section 1 above, on the City's December 1, 2017 certification of debt payable from the Urban Renewal Tax Revenue Fund and to reflect such amount in the City's budget for the next succeeding fiscal year. Section 3. All resolutions or parts of resolutions in conflict herewith are hereby repealed. Passed and approved November 201h, 2017. William F. Peard, Mayor Attest: Rebecca D. Sehnert, City Clerk ROLL CALL VOTE AYE NAY ABSENT ABSTAIN Anna Bergman R. Charles Bottenberg Brian Harrison Shelly Hughes Larry R. Lyon CITY TIF FORM 1 - INDEBTEDNESS CERTIFICATION Cover Sheet CODE OF IOWA SECTION 403,19 TAX INCREMENT FINANCING (TIF) INDEBTEDNESS CERTIFICATION TO COUNTY AUDITOR Due To County Auditor By December 1 Prior To The Fiscal Year TIF Increment Tax Is Requested Use One Certification Per Urban Renewal Area City: Waukee County: Dallas Urban Renewal Area Name: Waukee Urban Renewal Area TIF 2000 Urban Renewal Area Number: 25021 (Use five -digit Area Number Assigned by the County Auditor) I hereby certify to the County Auditor that for the Urban Renewal Area within the City and County named above the City has outstanding loans, advances, indebtedness, or bonds, none of which have been previously certified, in the collective amount shown below, all of which qualify for repayment from the special fund referred to in paragraph 2 of Section 403.19 of the Code of Iowa. Urban Renewal Area Indebtedness Not Previously Certified*: $ 38,429 *There must be attached a supporting itemized listing of the dates that individual loans, advances, indebtedness, or bonds were initially approved by the governing body. (Complete and attach'CITY TIF FORM 1.1'.) The County Auditor shall provide the available TIF increment tax in subsequent fiscal years without further certification until the above -stated amount of indebtedness is paid to the City. However, for any fiscal year a City may elect to receive less than the available TIF increment tax by certifying the requested amount to the County Auditor on or before the preceding December 1. (File'CITY TIF FORM 2' with the County Auditor by the preceding December 1 for each of those fiscal years where all of the TIF increment tax is not requested.) A City reducing certified TIF indebtedness by any reason other than application of TIF increment tax received from the County Treasurer shall certify such reduced amounts to the County Auditor no later than December 1 of the year of occurrence. (File 'CITY TIF 'FORM T with the County Auditor when TIF indebtedness has been reduced by any reason other than application of TIF increment tax received from the County Treasurer.) Notes/Additional Information: Dated this 20th day of November 2017 Finance Director (515)978-7919 Signature of Authorized Official Telephone CITY TIF FORM 1.1 - To be attached to CITY TIF FORM 1 - INDEBTEDNESS CERTIFICATION Page 1 TIF INDEBTEDNESS NOT PREVIOUSLY CERTIFIED ELIGIBLE FOR TAX COLLECTIONS NEXT FISCAL YEAR City: Waukee County: Dallas Urban Renewal Area Name: Waukee Urban Renewal Area TIF 2000 Urban Renewal Area Number:25021 (Use five -digit Area Number Assigned by the County Auditor) Individual TIF Indebtedness Type/Description/Details: Date Approved*: Total Amount: 1. Fiscal Fees 11/2017 3,000 F'X' this box if a rebate agreement. List administrative details on lines above. 2. Administrative / Legal Fees 11/2017 21,408 n'X' this box if a rebate agreement. List administrative details on lines above. 3. Waukee Hardware - Fagade Improvement Grant 11/2017 6,521 Fj'X' this box if a rebate agreement. List administrative details on lines above. 4. Kenny's Garage - Fagade Improvement Grant 11/2017 7,500 n'X' this box if a rebate agreement. List administrative details on lines above. S. n%' this box if a rebate agreement. List administrative details on lines above. If more indebtedness entry lines are needed continue to Form 1.1 Page 2. Total For City TIF Form 1.1 Page 1: 38,429 * "Date Approved" is the date that the local governing body initially approved the TIF indebtedness. CITY TIF FORM 2 SPECIFIC DOLLAR REQUEST FOR AVAILABLE TIF INCREMENT TAX FOR NEXT FISCAL YEAR CERTIFICATION TO COUNTY AUDITOR Due To County Auditor By December 1 Prior To The Fiscal Year Where Less Than The Legally Available TIF Increment Tax Is Requested Use One Certification Per Urban Renewal Area City: Waukee County: Dallas Urban Renewal Area Name: Waukee Urban Renewal Area TIF 2000 Urban Renewal Area Number: 25021 (Use five -digit Area Number Assigned by the County Auditor) I hereby certify to the County Auditor that for the next fiscal year and for the Urban Renewal Area within the City and County named above, the City requests less than the maximum legally available TIF increment tax as detailed below. Provide sufficient detail so that the County Auditor will know how to specifically administer your request. For example you may have multiple indebtedness certifications in an Urban Renewal Area, and want the maximum tax for rebate agreement property that the County has segregated into separate taxing districts, but only want a portion of the available increment tax from the remainder of the taxing districts in the Area. Specific Instructions To County Auditor For Administering The Request That This Urban Renewal Area Generate Less Than The Maximum Available TIF Increment Tax: 2010C Bond Amount Requested: 69,828 2012B Bond 349,850 2012D Bond 451,100 2013B Bond 2013C Bond 260,000 287,068 2013D Bond 886,189 2014A Bond 401,500 Fiscal Fees for Debt Service 3,000 Crossing at Alices Development Agreement Rebate 354,139 Waukee Hardware - Fagade Improvement Grant 6,521 Kenny's Garage - Fayade Improvement Grant 7,500 Administrative & Legal Fees 21,408 Less -Interest Earnings -5,044 Waukee would like $118,575,696 in valuation *** *** Please release 100% of residential valuation *** Dated this 20th day of November 2017 Finance Director (515)978-7919 Signature of Authorized Official Telephone CITY TIF FORM 3 TIF INDEBTEDNESS HAS BEEN REDUCED BY REASON OTHER THAN APPLICATION OF TIF INCREMENT TAX RECEIVED FROM THE COUNTY TREASURER City: Waukee CERTIFICATION TO COUNTY AUDITOR Use One Certification Per Urban Renewal Area County: Dallas Urban Renewal Area Name: Waukee Urban Renewal Area TIF 2000 Urban Renewal Area Number: 25021 (Use five -digit Area Number Assigned by the County Auditor) I hereby certify to the County Auditor that for the Urban Renewal Area within the City and County named above, the City has reduced previously certified indebtedness, by reason other than application of TIF increment tax received from the County Treasurer, by the total amount as shown below. Provide sufficient detail so that the County Auditor will know how to specially administer your request. For example, you could have multiple indebtedness certifications in the Urban Renewal Area, and the County Auditor would need to know which particular indebtedness certifcation(s) to reduce. If rebate agreements are involved with a reduction, and the County has segregated the rebate property into separate TIF Increment taxing districts, provide the five -digit county increment taxing district numbers for reference. Individual TIF Indebtedness Type/Description/Details: Interest Earninas FY17 Total Reduction In Indebtedness For This Urban Renewal Area: Dated this 20th day of November FAmount Reduced: -5,044 -5,044 2017 Finance Director (515)978-7919 Signature of Authorized Official Telephone